Deep dive Into NIFTY Derivative Trends for April 29, 2025!

The NIFTY Derivative Trends for April 28, 2025, highlights a market losing steam after a brief recovery rally. A noticeable decline in put-call ratios across major indices—especially NIFTY, BANKNIFTY, and FINNIFTY—signals fading bullish sentiment as traders trim long positions ahead of the weekly expiry. Despite minimal index moves, derivative cues point to a cautious undertone, with max pain levels consolidating near key support zones. Flat closing along with decrease in Nifty premium and low volume suggests lack of demand and underlying bearish sentiment. Let’s decode what this means for the upcoming sessions.

Derivative Trends | NSE

NIFTY MAY Future

NIFTY Spot closed at: 24,335.95 (0.03%)

NIFTY MAY Future closed at: 24,425.30 (-0.11%)

Premium: 89.35 (Decreased by -34.95 points)

Open Interest Change: 3.5%

Volume Change: -24.2%

NIFTY Weekly Expiry (30/04/2025) Option Analysis

Put-Call Ratio (OI): 0.846 (Decreased from 1.186)

Put-Call Ratio (Volume): 0.928

Max Pain Level: 24300

Maximum CALL OI: 24500

Maximum PUT OI: 24300

Highest CALL Addition: 24400

Highest PUT Addition: 24300

NIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 1.407 (Decreased from 1.431)

Put-Call Ratio (Volume): 1.286

Max Pain Level: 24000

Maximum CALL OI: 24500

Maximum PUT OI: 24000

Highest CALL Addition: 24500

Highest PUT Addition: 24500

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 55,391.25 (-0.07%)

BANKNIFTY MAY Future closed at: 55,509.60 (-0.29%)

Premium: 118.35 (Decreased by -120.05 points)

Open Interest Change: -4.0%

Volume Change: -4.6%

BANKNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.910 (Decreased from 0.993)

Put-Call Ratio (Volume): 0.959

Max Pain Level: 54600

Maximum CALL OI: 63000

Maximum PUT OI: 53000

Highest CALL Addition: 63000

Highest PUT Addition: 54000

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,193.85 (-0.37%)

FINNIFTY MAY Future closed at: 26,249.80 (-0.62%)

Premium:  55.95 (Decreased by -66.1 points)

Open Interest Change: 2.4%

Volume Change: -2.9%

FINNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.934 (Decreased from 1.119)

Put-Call Ratio (Volume): 1.114

Max Pain Level: 26200

Maximum CALL OI: 29500

Maximum PUT OI: 26000

Highest CALL Addition: 27000

Highest PUT Addition: 25500

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 12,195.00 (-0.04%)

MIDCPNIFTY MAY Future closed at: 12,200.20 (-0.36%)

Premium: 5.2 (Decreased by -39.05 points)

Open Interest Change: 2.4%

Volume Change: -9.0%

MIDCPNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.834 (Decreased from 0.873)

Put-Call Ratio (Volume): 0.614

Max Pain Level: 12175

Maximum CALL OI: 13000

Maximum PUT OI: 12000

Highest CALL Addition: 12800

Highest PUT Addition: 11500

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 2,385.61 Cr
DIIs Net Buy: ₹ 1,369.19 Cr

FII Derivatives Activity

FII Trading Stats	29.04.25	28.04.25	25.04.25
FII Cash (Provisional Data)	2,385.61	2,474.10	2,952.33
Index Future Open Interest Long Ratio	44.30%	42.33%	37.63%
Index Future Volume Long Ratio	56.54%	64.44%	44.34%
Call Option Open Interest Long Ratio	49.36%	52.16%	51.89%
Call Option Volume Long Ratio	49.53%	50.07%	48.72%
Put Option Open Interest Long Ratio	48.43%	48.73%	50.31%
Put Option Volume Long Ratio	49.94%	49.70%	48.87%
Stock Future Open Interest Long Ratio	64.67%	64.81%	64.13%
Stock Future Volume Long Ratio	49.68%	56.14%	50.87%
Index Futures	Fresh Long	Fresh Long	Fresh Short
Index Options	Fresh Short	Fresh Short	Fresh Short
Nifty Futures	Fresh Long	Fresh Long	Fresh Short
Nifty Options	Fresh Short	Fresh Short	Fresh Short
BankNifty Futures	Fresh Short	Short Covering	Fresh Short
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Long Covering	Long Covering	Long Covering
FinNifty Options	Fresh Short	Fresh Long	Fresh Long
MidcpNifty Futures	Fresh Short	Fresh Long	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Short Covering	Fresh Short
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Short
Stock Futures	Fresh Short	Fresh Long	Short Covering
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE Options Analysis | Options Insights

NIFTY Weekly Expiry (30.04.2025)

The NIFTY index closed at 24335.95. The NIFTY weekly expiry for April 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.846 against previous 1.186. The 24500CE option holds the maximum open interest, followed by the 24400CE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24400CE option, with open interest additions also seen in the 24500CE and 24350CE options. On the other hand, open interest reductions were prominent in the 22500PE, 22000PE, and 23500PE options. Trading volume was highest in the 24400CE option, followed by the 24300PE and 24500CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	30-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,335.95	0.846	1.186	0.928
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	18,56,53,200	13,79,57,400	4,76,95,800
PUT:	15,71,36,100	16,35,63,900	-64,27,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	1,64,56,725	61,08,975	33,48,290
24,400	1,50,76,050	93,50,850	45,86,474
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,400	1,50,76,050	93,50,850	45,86,474
24,500	1,64,56,725	61,08,975	33,48,290
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,900	25,92,525	-8,85,825	3,18,003
25,800	32,20,500	-5,75,325	2,47,735
Top CALL Volume:
Strike	OI	OI Change	Volume
24,400	1,50,76,050	93,50,850	45,86,474
24,500	1,64,56,725	61,08,975	33,48,290
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,300	1,15,91,250	49,85,775	44,57,376
24,000	1,10,02,125	-12,78,825	16,54,178
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,300	1,15,91,250	49,85,775	44,57,376
24,200	91,58,325	15,18,450	22,28,802
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,500	50,85,750	-19,68,300	4,74,812
22,000	49,84,950	-18,59,100	3,21,672
Top PUT Volume:
Strike	OI	OI Change	Volume
24,300	1,15,91,250	49,85,775	44,57,376
24,350	45,84,675	12,32,625	30,16,800

NIFTY Monthly Expiry (29.05.2025)

The NIFTY index closed at 24335.95. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.407 against previous 1.431. The 24000PE option holds the maximum open interest, followed by the 23000PE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24500PE option, with open interest additions also seen in the 24500CE and 25000CE options. On the other hand, open interest reductions were prominent in the 24100PE, 21400PE, and 22700PE options. Trading volume was highest in the 24500CE option, followed by the 24000PE and 25000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,335.95	1.407	1.431	1.286
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,13,36,725	2,95,63,200	17,73,525
PUT:	4,40,82,375	4,23,05,250	17,77,125
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	39,78,150	3,33,075	51,527
24,000	32,20,650	-35,625	14,360
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,500	39,78,150	3,33,075	51,527
25,000	30,15,675	3,24,225	45,974
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	32,20,650	-35,625	14,360
24,150	48,525	-14,100	655
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	39,78,150	3,33,075	51,527
25,000	30,15,675	3,24,225	45,974
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	48,66,075	2,04,375	51,224
23,000	40,59,750	3,24,150	34,937
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	22,56,975	4,02,075	40,698
23,000	40,59,750	3,24,150	34,937
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,100	7,45,650	-1,02,375	10,102
21,400	1,24,050	-50,700	2,945
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	48,66,075	2,04,375	51,224
24,500	22,56,975	4,02,075	40,698

BANKNIFTY Monthly Expiry (29.05.2025)

The BANKNIFTY index closed at 55391.25. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.910 against previous 0.993. The 63000CE option holds the maximum open interest, followed by the 53000PE and 54000PE options. Market participants have shown increased interest with significant open interest additions in the 63000CE option, with open interest additions also seen in the 57000CE and 56000CE options. On the other hand, open interest reductions were prominent in the 40500PE, 55000CE, and 55000PE options. Trading volume was highest in the 55500PE option, followed by the 55500CE and 56000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,391.25	0.910	0.993	0.959
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,78,32,900	1,61,76,789	16,56,111
PUT:	1,62,22,230	1,60,63,950	1,58,280
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	18,15,090	3,67,890	96,472
60,000	11,18,760	-29,610	1,20,239
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
63,000	18,15,090	3,67,890	96,472
57,000	8,09,130	1,71,780	1,03,469
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
55,000	7,29,990	-55,950	34,169
60,000	11,18,760	-29,610	1,20,239
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	10,89,870	74,040	1,42,715
56,000	8,34,840	1,66,470	1,31,381
Top PUT Open Interest:
Strike	OI	OI Change	Volume
53,000	15,91,650	60,870	84,089
54,000	11,69,880	83,640	1,07,899
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,000	11,69,880	83,640	1,07,899
56,000	3,62,340	72,720	60,438
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
40,500	3,22,860	-79,710	12,877
55,000	8,99,610	-43,020	1,27,836
Top PUT Volume:
Strike	OI	OI Change	Volume
55,500	8,55,300	-23,220	1,68,089
55,000	8,99,610	-43,020	1,27,836

FINNIFTY Monthly Expiry (29.05.2025)

The FINNIFTY index closed at 26193.85. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.934 against previous 1.119. The 26000PE option holds the maximum open interest, followed by the 29500CE and 27000CE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 26200CE and 26300CE options. On the other hand, open interest reductions were prominent in the 25000PE, 29500CE, and 26250PE options. Trading volume was highest in the 26200PE option, followed by the 26000PE and 26300PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,193.85	0.934	1.119	1.114
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,79,215	5,06,480	72,735
PUT:	5,41,060	5,66,995	-25,935
Top CALL Open Interest:
Strike	OI	OI Change	Volume
29,500	67,470	-13,845	1,636
27,000	63,960	17,160	1,638
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	63,960	17,160	1,638
26,200	28,730	15,015	1,436
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
29,500	67,470	-13,845	1,636
26,500	45,825	-1,885	2,040
Top CALL Volume:
Strike	OI	OI Change	Volume
26,400	34,385	7,670	2,425
26,500	45,825	-1,885	2,040
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,07,445	3,770	2,478
25,000	54,795	-33,020	1,888
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	50,050	7,930	1,735
23,000	28,795	4,550	381
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	54,795	-33,020	1,888
26,250	8,125	-5,850	905
Top PUT Volume:
Strike	OI	OI Change	Volume
26,200	23,010	715	2,532
26,000	1,07,445	3,770	2,478

MIDCPNIFTY Monthly Expiry (29.05.2025)

The MIDCPNIFTY index closed at 12195. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.834 against previous 0.873. The 13000CE option holds the maximum open interest, followed by the 12800CE and 12000PE options. Market participants have shown increased interest with significant open interest additions in the 12800CE option, with open interest additions also seen in the 13200CE and 12300CE options. On the other hand, open interest reductions were prominent in the 63000PE, 59100PE, and 59100PE options. Trading volume was highest in the 12800CE option, followed by the 12300CE and 13000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,195.00	0.834	0.873	0.614
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	28,67,760	23,48,520	5,19,240
PUT:	23,92,200	20,49,240	3,42,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	3,55,920	63,960	8,447
12,800	3,01,800	1,96,440	14,313
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,800	3,01,800	1,96,440	14,313
13,200	1,71,240	81,240	2,411
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,100	70,680	-20,760	1,514
12,175	47,760	-16,320	478
Top CALL Volume:
Strike	OI	OI Change	Volume
12,800	3,01,800	1,96,440	14,313
12,300	2,02,200	80,280	9,486
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	2,92,920	11,760	4,300
11,000	2,74,680	6,240	3,451
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,500	2,66,040	57,480	3,435
12,200	1,61,760	41,280	8,379
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,100	86,280	-16,200	2,647
12,175	15,960	-9,480	619
Top PUT Volume:
Strike	OI	OI Change	Volume
12,200	1,61,760	41,280	8,379
12,300	1,34,520	36,240	4,884

Conclusion: A Volatility Reset Is Brewing Across Indices

The NIFTY options data analysis for April 29, 2025, reveals a market on pause mode after the recent upmove. Across NIFTY, BANKNIFTY, FINNIFTY, and MIDCPNIFTY, we see consistent signs of cooling momentum, falling premiums, and cautious OI builds. With PCRs softening and max pain consolidating, traders should brace for a range-bound phase or even mild downside pressure in the near term. Monthly Max-Pain level for NIFTY stays at 24,000 which should be the trend deciding level. Open Interest addition with falling premium suggests some short built-up. Stay watchful of macro cues as we are trading near the upper-end of the trading range.

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